Ann: $15m raised to fund Well Test & Cabora Bassa Operations, page-315

Again, you’re fixating on the new shares being issued, it is quite simply the lesser form of dilution available to a company at this point of the exploration > discovery > production curve. Once you understand how establishing commercial flow rates changes the financing environment for the company, you’ll see things in a very different light. Do people honestly think, no one is going to step up and offer to finance a major discovery in one of the most energy starved regions on the planet? There are end users already “biting our hands off” but you can’t sign a GSA without establishing commercial flow rates. Once you’ve moved from contingent resource > reserves you also open up bank funding options, given how significant this is for the country we won’t be short of funding options.